U.S. millionaires say $7 million not enough to be rich

[Monoriu]

Yeah, my new house was bought for almost a half million dollars.

Wow. That's insane.

That's cheap by HK standards

[Valmy]

Half a million dollars to live in Alberta?

The oil money I guess.

[Brazen]

Yeah, my new house was bought for almost a half million dollars.

Wow. That's insane.

Half million Canadian? My two-bed tiny terraced house went for more than that. My flat's worth 2/3 of that Bet it's a big house too.

[Malthus]

Yeah, my new house was bought for almost a half million dollars.

Wow. That's insane.

You couldn't buy a three-bedroom house in Toronto for $500,000 in a reasonable area. The average is now up around $700,000. For that, don't expect it to be recently renovated.

[garbon]

Yeah, my new house was bought for almost a half million dollars.

Wow. That's insane.

You couldn't buy a three-bedroom house in Toronto for $500,000 in a reasonable area. The average is now up around $700,000. For that, don't expect it to be recently renovated.

It's just hard to think of Edmonton as similar to Toronto.

[Malthus]

Yeah, my new house was bought for almost a half million dollars.

Wow. That's insane.

You couldn't buy a three-bedroom house in Toronto for $500,000 in a reasonable area. The average is now up around $700,000. For that, don't expect it to be recently renovated.

It's just hard to think of Edmonton as similar to Toronto.

Edmonton is a resource boom-town. Everyone and their sister is moving to Alberta to capitalize on an economy fueled by, well, fuel. This has sent property values there soaring.

[garbon]

Edmonton is a resource boom-town. Everyone and their sister is moving to Alberta to capitalize on an economy fueled by, well, fuel. This has sent property values there soaring.

Yeah fair...I'm just saying that instinctively it's hard for me to think of wanting to pay a lot to live in Edmonton.

[Warspite]

If you buy an inflation-adjusted annuity today for $2 mil, with 5% growth rate, and 3% inflation adjustment, you'll start with approximately $50,000 payment per year.

I would say that I am of the opinion that unearned income of $50,000 a year is essentially "rich". You may not be jetting off to St Tropez every week, but you could certainly lead a life of leisure.

[Barrister]

Yeah, my new house was bought for almost a half million dollars.

Wow. That's insane.

You couldn't buy a three-bedroom house in Toronto for $500,000 in a reasonable area. The average is now up around $700,000. For that, don't expect it to be recently renovated.

It's just hard to think of Edmonton as similar to Toronto.

Well then it's going to blow your mind when I tell you that I sold my house in Yukon for almost as much as I bought my new house for.   

Resource booms in both places.  Oil in Alberta, mining in Yukon.  Thank God I've been in the market long enough to benefit - I don't know how someone looking to buy their first home would be able to do it.

And Brazen - it'd probably be huge by British standards, but in N America, it really isn't.  Someone edited out how my almost a half million dollar house was really quite ordinary.   

[garbon]

Well then it's going to blow your mind when I tell you that I sold my house in Yukon for almost as much as I bought my new house for.  

Mind not blown but it does seem a waste.

[DGuller]

Wow, that's a lot of house to finance when you can't even get a true fixed rate mortgage.

[Grey Fox]

Wow, that's a lot of house to finance when you can't even get a true fixed rate mortgage.

& none tax deductible interests!

[Ed Anger]

[DGuller]